DUBLIN REPORT: Iseq: 2,772.36 (-12.20) Settlement date: June 23rdTHE IRISH Stock Exchange closed flat yesterday after a sea-saw day in the financial sector, closing down 0.44 per cent to 2,772.36.

Financial stocks led the slight improvement in the Iseq overall index after a weak morning in the markets, which rallied during the afternoon as improved data leaked out of the US, brokers said.

Bank of Ireland led the rapid turnaround falling 3.32 per cent in the morning before climbing sharply in the afternoon to close up 9.25 per cent on the day at €1.808. Allied Irish Banks followed suit slipping 5.98 per cent before jumping 6.44 per cent to close at €1.868. However, after the slide of Monday and Wednesday, AIB still has some way to go to capture the levels at which it was trading at the end of last week.

Irish Life Permanent failed to catch the upbeat mood yesterday, falling 2.72 per cent at the end of the day to close at €3.181.

Among the airlines, Ryanair gave up all its recent gains, slipping 2.83 per cent to finish at €3.265. Aer Lingus tumbled 8.33 per cent to end at €0.495. One broker said news of increased passenger charges at Dublin airport next year filtering through the market yesterday afternoon would have done no favours to either company. Another broker pointed to profit-taking to explain retreats in the share prices of Smurfit Kappa, Grafton and Kingspan. Smurfit Kappa fell 5.34 per cent to close at €3.455 while Grafton dipped 7.14 per cent to finish at €2.60. Kingspan closed 4.44 per cent weaker on €4.30.

TVC Holdings experienced a surge, rising a healthy 16 per cent to close at €0.58. Biotech group Elan was another in good form, climbing 3.21 per cent to €5.47.

Market heavyweight CRH drifted after being a “resilient” performer in recent weeks, according to one broker. It ended the session on €17.32, down 0.69 per cent.